Karo Bio and Bristol-Myers Squibb Extend Obesity Collaboration

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KARO BIO AND Bristol-myers squibb extend OBESITY COLLABORATION Bristol-Myers Squibb extends the obesity drug discovery collaboration with Karo Bio for an additional six months. Karo Bio and Bristol-Myers Squibb Company (NYSE: BMY) have been collaborating for development of a new obesity treatment by targeting the thyroid hormone receptor since 1997. The three-year collaboration has been prolonged for two years and the joint drug discovery collaboration, which should now have ended, is instead prolonged for an additional six months period. The collaboration has been successful in demonstrating proof of principle in relevant animal models and the collaboration is now focused on selection of a new clinical development candidate. The first compound in the clinic was abandoned in March this year due to safety reasons. Bristol-Myers Squibb will continue to focus on obesity and aims to bring a new compound into the clinic. "We are very impressed with the pre-clinical data so far generated in this promising drug discovery project aimed at development of new obesity treatments" says Björn Nilsson, President of Karo Bio. "The competence of Bristol-Myers Squibb in the metabolic disease area will be very important for bringing a new compound to clinical development." For further information, please contact Per Otteskog, Senior vice President, tel +46 8 608 60 18, mobile +46 70 632 75 27 . Background Karo Bio has operations in Sweden and the United States. The Company employs 140 people. Karo Bio has been listed on the Stockholm stock exchange (Reuters: KARO.ST) since 1998 and maintains a leading position in the field of drug discovery focused on nuclear receptors. Nuclear receptors are validated drug targets for a number of clinical indications and the Company uses proprietary technologies for the development of novel and improved therapies for major markets. Karo Bio has 400 patent cases including 128 granted patents. Karo Bio has drug discovery programs in several therapeutic areas including men and women's health care, metabolic disorders such as obesity, cardiovascular disease, diabetes, dermatology and ophthalmology. Karo Bio collaborates with major pharmaceutical companies for the development of products and marketing. In these partnerships Karo Bio receives upfront payments, R&D funding and milestone payments, as well as royalties on net sales when products reach the market. Karo Bio has strategic pharmaceutical drug discovery partnerships with Abbott Laboratories, Bristol-Myers Squibb, Merck & Co., Inc. and Wyeth Pharmaceuticals. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net